Currencies
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Generals, and financial regulators, are always fighting the last war. So it proved when the coronavirus slammed into international markets in mid-March. Many of the tools developed in the 2008 financial crisis were deployed to great effect by central banks. The corners of the financial markets that propagated weakness in 2008 passed the test of 2020. But new risks were thrown up, forcing a new round of improvisation. What lessons will be drawn from the Covid-19 crisis?
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The Flemish Community has mandated banks to arrange the sale of new seven and 30 year bonds as the Belgian sub-sovereign looks to pump in cash to finance a budget deficit which has arisen from the coronavirus pandemic. -
New Zealand hit screens on Monday morning with a new syndicated bond, its third of the 2019-20 fiscal year.
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Finland’s Municipality Finance returned to the domestic New Zealand dollar bond market on Friday after a long absence, to raise its largest Kauri bond since 2008.
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Hong Kong-listed Link Real Estate Investment Trust has raised a HK$1bn ($129m) sustainability-linked loan from OCBC Bank.
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A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.
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The World Bank returned to the Canadian dollar on Wednesday with a new C$1.5bn ($1.11bn) sustainable development bond, as movements in the cross currency basis swap, as well as the spread to Canadian Mortgage Bonds (CMBs), allowed the supranational to print the largest SSA Maple deal since last July.
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Unédic, the French unemployment agency, raised €4bn on Wednesday with a November 2029 social bond — its third under its new funding programme, which consists entirely of social bonds.
